Document page views are updated periodically throughout the day and are cumulative counts for this document. Court Advances Suit Regarding Delta Air Lines' Offset of Pension You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. 5. documents in the last year, 480 In this Issue, Documents The Independent Fiduciary negotiated the terms of the Put Option which provide downside protection by permitting the Plans to sell the Pinnacle Stock back to Northwest for the greater of the original value at which it was credited to the funding standard account or its fair market value at the time it is sold back to Northwest. 1. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. The Plan - exNWA.com 4. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Accordingly, the fiduciaries of a plan must act prudently, solely in the interest of the plan's participants and beneficiaries, and with a view to the need to diversify plan assets when deciding whether to accept an in-kind contribution. This is because a regional airline derives its value from the value of its ASA with the major carrier and the major carrier is unlikely to terminate the ASA in bankruptcy because it would severely disrupt the flow of high yield passengers. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. The Contract Employees share of the Master Trust assets are $1,665,979,000. If the Pinnacle Stock is publicly traded, the Plans will receive the greater of (i) the Floor Price, or (ii) the average closing price for the stock on the public market for the 10 trading days preceding the exercise date or, if greater, the closing price on the day before the Put Option closing date. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. The Independent Fiduciary represents that the description of the valuation by Eclat Consulting (Eclat) of Pinnacle in the Proposed Exemption commencing in the second column of 68 FR 2580 (the Eclat Report) should be updated to reflect Eclat's valuation of Pinnacle as of January 15, 2003. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. About the Federal Register Pinnacle Stock in that amount was transferred to State Street Bank, the trustee for the Northwest Master Trust for Defined Benefit Plans that holds the assets of all of the Northwest Plans (the Master Trust). Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. Northwests filing with the Securities and Exchange If you have questions on any of the material or the enrollment process, please contact the Northwest Retiree Service Center at 1-866-305-1042. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. Survivors Checklist - RNPA Date: This exemption is effective as of January 15, 2003. Register documents. The Special Conversion Option expired on February 9, 1994. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. Contact Info NWPS HQ: 4025 Delridge Way SW, Suite 250 Seattle, WA 98106 Ph: 206-933-1500 Fax: 206-938-5987 Email Address: info@nwpsbenefits.com Driving Directions From I-5 North or South Take the W SEATTLE BR exit EXIT 163A toward SPOKANE ST Merge onto WEST SEATTLE BRIDGE Exit onto Delridge Way SW Continue on Delridge Way SW Helpful Phone Numbers - DALRC, Inc. dba Delta Retiree Connection Mahoney v. Northwest Airlines Pension Plan, Contract Emp. - Casetext documents in the last year, 534 5. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Fiduciary Counselors notes that under section 404(a)(1) of ERISA, a fiduciary must discharge its duties with respect to a plan solely in the interest of plan participants and beneficiaries. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. OR. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. 3. The Delaware law applicable to the repurchase of the Series C stock requires the Board to make a finding that NWA Corp. has adequate surplus, defined as the net asset value of the corporation in excess of its capital. # A1430. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. and services, go to Posted on . The three supplemental SFA packages provide a total of more than $200 million. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Employee Benefits Security Administration, Department of Labor. At MetLife, protecting your information is a top priority. 1. Dated 2009. We provide retirement plan recordkeeping, administration, actuarial, consulting, compliance and participant services to over 1,100 companies with 425,000 participants and $45 billion in retirement savings. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. At the time the voluntary contribution is made to the Pilot Plan, Northwest also will contribute Pinnacle Stock to the Salaried Plan in an amount such that the amount of the Pinnacle Stock held by the Salaried Plan equals the required minimum funding contribution due under ERISA and the Code on September 15, 2003. headings within the legal text of Federal Register documents. For ease of reference, Northwest refers to the Employee Stock Plan, but the factual discussion of the Series C Preferred Stock remains accurate after the merger with the Northwest 401(k) plans. frozen as of August 31. 5. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. Official Publications from the U.S. Government Publishing Office. Old Friends Locator Program. Ellen A. Hennessy will continue to be the primary person at Fiduciary Counselors handling its responsibilities as independent fiduciary to the Northwest Airlines defined benefit plans. The Application pertaining to the exemption, the Proposed Exemption, the comments submitted to the Department and the responses to the comments, the transcript of the Hearing, and all other documents submitted to the Department concerning this exemption have been included as part of the public record of the Application. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. Participant data is only used for recordkeeping, not cross-selling. This change generally reduces the length of the available Deferral when the Plans hold more than $325 million in Pinnacle Stock (measured as of the date of each contribution). Quick and easy access to MetLife customer support services and resources. A menu will appear on the left side of the screen. 4. is john tee still in salvage hunters, air design tailgate applique silverado, tanner cline net worth, fatal shooting in dover delaware, fred jones positive classroom discipline pros and cons, unsworth medical centre, interview with big nose kate, jfk autopsy photos national archives, james brian biden net worth, how much did pauly d spend on renting the hotel, entergy transfer service to another person, polar express perris promo code, noel harrison wife, lc34g55twwnxza firmware update, the country club at muirfield village membership cost. At the present time, the Board was unable to make this finding. As a condition of the Proposed Exemption, Fiduciary Counselors, using the services of its independent appraisal firm Eclat, Start Printed Page 49802determined the value of Pinnacle Stock. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. (b) A statement that the appraiser is independent of Pinnacle and Northwest, and that the appraiser has no interest in the securities issued by Pinnacle or Northwest. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653, Fax the Fund office at 202-463-8098 or 202-457-8653(please. The requirement (detailed in the last bullet point in the second column of the Proposed Exemption at 68 FR 2585) that Plan shares of Pinnacle Stock be voted in favor of certain corporate actions is now set to expire upon the occurrence of an Early Termination Event. documents in the last year, by the Food Safety and Inspection Service As of December 31, 2002, the carrier had taken possession of 51 regional jets. Please advise the Fund Office of any address and/or email changes via, Files may consist of scanned photographs of documents, Allowed File Types: pdf, doc, docx, png, jpeg, Request for Ruling on Post-Retirement Employment, Retroactive Annuity Starting Date (RASD) Form, Mail supporting documents to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. The following items are found found on the DeltaNet for Alumni home page: To access paycheck receipts (stubs), W-2s, and 1099s go to the DeltaNet for Alumni home page and click Self Service on the white menu bar, then click My Money. Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. Join or Renew Your Membership - Annual dues $35. Northwest Airlines Latest to Propose DB While every effort has been made to ensure that Under the Omnibus Agreement, Northwest controls the timing of the IPO until the earlier of July 1, 2006 or the occurrence of an early termination event. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. Northwest's pension fund consists of three individual plans, for about 8,000 pilots, 9,000 salaried employees and 52,000 unionized workers, including mechanics and agents. Plan beneficiaries may also contact FSCO staff by telephone at (416) 226-7776 or toll-free at 1-800-668-0128, if they require assistance in finding this information. Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. Benefit resources and contact information for former MetLife employees. U.S. Investigates Pension Fund at Northwest Air No Reproduction Without Prior Authorizations. The allocation method made pursuant to the Letter Agreement will result in a modest change in the percentage of the Contract and Salaried Plans' assets invested in Pinnacle Stock compared to the ratable allocation contemplated by the Proposed Exemption. An Initial Contribution was made in the amount of $41,149,911. The Public Inspection page may also Thus, the Put Option serves to protect the Plans from declines in the value of Pinnacle Stock and the liquidity notice feature ensures that the Independent Fiduciary has sufficient notice so that it may exercise the Put Option at a time when Northwest has sufficient financial resources to meet its obligation under the Put Option. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Northwest may not terminate Fiduciary Counselors as the Independent Fiduciary without the consent of ALPA and may not appoint a new Independent Fiduciary without the consent of ALPA. In its deliberations, which included its analysis of all aspects of the transactions, the Independent Fiduciary has consistently represented for the record that no contribution of Pinnacle Stock will be accepted on behalf of the Plans unless such transactions are found by the Independent Fiduciary to be in the interests of the Plans. Make sure they know their retirement benefits go beyond just retirement. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. FOR METLIFE SECURITIES INC. Helpful Phone Numbers and Resources. This is because a cash contribution is not a viable alternative given the company's liquidity needs. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Corporation (See, Northwest Airlines Latest to Propose DB As a condition to any such contribution by Northwest, the Independent Fiduciary must determine on behalf of the Plans that the acceptance of the contributed shares is prudent and in the interests of the Plans' participants and beneficiaries and otherwise consistent with the fiduciary standards of ERISA. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. Click HERE for a printable version of this page. Doing things right the first time. 8. Airline Pensions All But Gone? That's a Good Thing 7. The Independent Fiduciary must ensure that all of the conditions above are satisfied with respect to any past contributions of Pinnacle Stock, as well as any future contributions. The Omnibus Agreement also provided for an Additional Initial Contribution to the Contract Plan in the amount of $2,671,983 (118,167 shares valued at $22.61 per share). More information and documentation can be found in our Northwest states that, in this regard, some refinements were made to the provisions of the Term Sheet when the parties negotiated and entered into the final Omnibus Agreement (executed on January 15, 2003). As further noted in the Preamble, the parties to the Agreement shall notify the Department within 30 days of any decision regarding the resignation, termination or change in control of the Independent Fiduciary. Encourage saving throughout their career and help them figure out how buying a home, paying for education and . This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. Northwest Retirement Plans, Inc. 541-776-4080 FAX: 541-772-1129 OFFICE: 3235 Hillcrest Park Drive, Suite 100 in Medford, OR 97504 Northwest Retirement Plans: We are a third party administrator (TPA) of Qualified Retirement Plans for employers. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Open for Comment, Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation, Economic Sanctions & Foreign Assets Control, Revised Definition of Waters of the United States, Certain Preserved Mushrooms From France Determination, Energy Conservation Program: Test Procedure for Dishwashers, Prior Label Approval System: Expansion of Generic Label Approval, Rate Adjustments for Indian Irrigation Projects, Establishing the President's Advisory Council on African Diaspora Engagement in the United States, Employee Benefits Security Administration, Valuation in Connection With the Right of First Refusal, Fiduciary Counselors March 5, 2003 Comment, Fiduciary Counselors and Eclat April 25, 2003 Submissions, The Eclat Report and the January 15, 2003 Valuation, Negotiation of the Term Sheet and Omnibus Agreement, The Independent Fiduciary's Determinations, Airline Industry and Northwest Financial Condition, Collateral for Pinnacle Stock Contribution, Northwest May 20 and June 10, 2003 Comment Letters, Fiduciary Counselors' July 11, 2003 Submission, Change of Affiliation of Fiduciary Counselors, Termination of the Independent Fiduciary Agreement, Northwest and ALPA Agreement Regarding Pinnacle Stock, August 6, 2003 Northwest and Independent Fiduciary Response, Enhanced Communication with Plan Participants, https://www.federalregister.gov/d/03-21162, MODS: Government Publishing Office metadata, Current Liability using 6.65% interest rate (IRC 412(l)), Market Value of Assets (with PY02 accrued contributions), Actuarial Value of Assets (with PY02 accrued contributions). A surviving family member (or someone on the retiree's behalf or behalf of the retiree's estate) should contact the ESC at 1-800 MY DELTA (1-800-693-3582) to report the death. Comment: A number of comments expressed concerns that Pinnacle Stock is a risky and illiquid investment and hard to value because there is no established market for the security. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. In the business of 401k record keeping things are either right or they are wrong. Moreover, in connection with the Omnibus Agreement entered into between Fiduciary Counselors and Northwest, Fiduciary Counselors negotiated for limitations on Northwest's ability to unilaterally amend or terminate the ASA. If previous valuations or analyses do not comport with these conditions, the Independent Fiduciary must perform any additional work necessary to make the valuations and analyses consistent with the conditions of this exemption. The valuation prepared by Eclat took into consideration current industry conditions. Since September 10, 2001, regional airlines have lost 48% of their value while the major airlines have lost 78% (excluding U.S. Airways and United that have filed for Chapter 11 bankruptcy protection). We want to do so as soon as possible. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Additionally, Northwest notes that the Letter Agreement between Northwest and ALPA relating to a voluntary contribution of Pinnacle Stock would provide ALPA with a role in reviewing and approving the termination, and any replacement, of the independent fiduciary. As noted in the June 27, 2003 letter from Northwest and ALPA to the Department, Northwest states that the Letter Agreement will be executed in connection with the voluntary contribution. northwest airlines pension plan phone number - afroeuro.pl According to Northwest, the Omnibus Agreement provides the Plans substantial investment risk protection, protection that would not be available to the Plans when investing in securities with similar risk and return characteristics. The Independent Fiduciary and its advisors reviewed various documents relevant to the Contribution, including without limitation, Northwest's certificate of incorporation; Northwest's corporate bylaws; the certificate of incorporation of Pinnacle; the Master Trust agreement pursuant to which the Plan assets are currently held and managed; audited financial statements of the Plans for 2000 and 2001; the current Plan documents; the Plans' annual reports on Forms 5500 for 2000 and 2001; other information provided by Northwest regarding the Plans' assets (including the Plans' investment guidelines and portfolio composition); a statement prepared by the Plans' actuaries of the Plans' liquidity needs to pay benefits and administrative expenses in the near future and the sources of funds (other than the Pinnacle Stock) available to satisfy such liquidity needs; and certain of Pinnacle's collective bargaining agreements. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). Northwest believes that the final terms for the Put Option, which are more favorable to the Plans, are more completely and accurately stated in the description of the Put Option contained in the description of the Term Sheet as set forth at 68 FR 2587.
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